U2 Income & Wages

U2 Income & Wages

12th Grade

15 Qs

quiz-placeholder

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U2 Income & Wages

U2 Income & Wages

Assessment

Quiz

Social Studies

12th Grade

Medium

EPF.IE.1.5

Standards-aligned

Created by

Lauren Litcofsky

Used 8+ times

FREE Resource

15 questions

Show all answers

1.

DRAG AND DROP QUESTION

1 min • 1 pt

The definition of gross income is (a)   .

An amount of money paid to an emplo
Money received from a job, business
Income before payroll taxes are tak
Income after payroll taxes and volu

Tags

EPF.IE.1.5

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of adjusted gross income (AGI)?

An amount of money paid to an employee at a specific rate

Money received from a job, business, or assets

Income before payroll taxes are taken out

The amount of income remaining after subtracting all allowable adjustments to income from gross income

Tags

EPF.IE.1.5

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

John is an HR manager and he is preparing a compensation package for a new employee. What is a compensation package?

An amount of money paid to an employee at a specific rate

Money received from a job, business, or assets

Wages or salary plus fringe benefits

Income after payroll taxes and voluntary deductions are removed

Tags

EPF.IE.1.5

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of overtime wage?

An amount of money paid to an employee at a specific rate

The lowest hourly wage allowed by law for most workers

1.5x the hourly wage for hours worked over 40 in a singular work week

Fixed rate for every hour worked during a regular work week

Tags

EPF.IE.1.5

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of salary?

An amount of money paid to an employee at a specific rate

Benefits provided by employers but must be claimed as part of gross income for tax purposes

Compensation in the form of a fixed sum of money paid at regular intervals

Money earned by producing a unit or item for a set amount of money

Tags

EPF.IE.1.5

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the definition of piece rate?

An amount of money paid to an employee at a specific rate

Benefits provided by employers but must be claimed as part of gross income for tax purposes

Money earned by producing a unit or item for a set amount of money

A portion of a company's earnings paid back to shareholders

Tags

EPF.IE.1.5

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Sarah works as a real estate agent. Can you identify what her commission income would be?

An amount of money paid to Sarah at a specific rate

Benefits provided by Sarah's employer but must be claimed as part of gross income for tax purposes

Money Sarah earned by producing a unit or item for a set amount of money

Income Sarah receives, often a percentage of the sales price of the house she is selling

Tags

EPF.IE.1.5

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